MAGMA tokens will be re-minted upon MAGMA Native Launch!
MAGMA on Algorand has been a thing now for over a year, currently, it holds its price and this will change.
Algorand Layer 1 assets work differently from the likes of Ethereum and creating a stablecoin based on another currency does not require a smart contract.
When we add liquidity to MAGMA Native, it will be via our swapping platform, called a DEX or decentralized exchange. Based on our budget, and available USD we believe the price will of MAGMA native starts at around $0.0000007770 per MAGMA requiring us to only invest $603.729.
The details of MAGMA native:
777 MILLION TOKENS TOTAL
10 Decimal Points
Beginning price of $0.0000007770
Oracles
We plan on using Oracles to keep the price of MAGMA-ALGO/MAGMA-ADA/MAGMA-XLM/MAGMA-ETH/MAGMA-BNB/MAGMA-ICP/MAGMA-DC the same as MAGMA's native coin, with this will bring on the MoltenChain's Smart Bridge technology.
What happens to the current MAGMA on Algorand?
We will buy them back 1:1, meaning if Bob has 5 MAGMA on ALGO, Bob will receive 5 MAGMA-ALGO.
The same goes for MAGMA on Cardano and MAGMA on Stellar.
Once we buy them all back, we burn them, and the tokens that are locked will remain in existence until the lock expires when those will be burned as well.
What about the MAGMA NFTs?
We are building a smart bridge for NFT's as well, so if you own any of the MAGMA NFTs you will be able to transfer them, value and metadata from the Algorand, Cardano or Stellar blockchains to the MoltenChain blockchain using our future NFT marketplace called, 𝕄ℕ𝔽𝕋.𝓲𝓷𝓴 !
How it works is simple, if you own MAGMA NFTs the platform will ask you to connect the destination wallet, once you connect the ALGO, ADA or XLM wallet to 𝕄ℕ𝔽𝕋.𝓲𝓷𝓴 it will ask you to connect your receiving wallet if you don't have one connected. You will have to pay the network fee from the originating blockchain, and MoltenChain's fee.
Select the NFT's you want to transfer through the bridge and pay the first transaction fee. You will need to approve each NFT transaction, so it can transfer the NFT from the destination wallet to a wallet owned by 𝕄ℕ𝔽𝕋.𝓲𝓷𝓴
Once the transfer of the asset is complete, it will copy the metadata and value associated with the NFT. Then it will deploy and mint the NFT and send it to your Volcanic Wallet.
It will then ask for a confirmation, once confirmed. The wallet holding the original NFT will send it into the furnace, burning it out of existence.